Chapter III: Part 3

In American descriptions there is but little change in prices; the tendency, has been and still is in favour of holders; and it has been thought necessary to raise the quotations of "fair" Uplands and Mobile to 4-7/8d.; but there is so little actual change, that for the most part, the quotations remain as before. Brazils, Egyptian, and long stapled generally, have been more in demand, and may be considered 1/8d. higher. Sea Islands also within the fortnight are 1/2d. higher, making an advance in the ordinary to fair qualities from the very lowest point of 1-1/2d. to 2d. per lb.

A considerable part of the speculative business of this week has been prompted by the accounts from the United States, brought by the _Hibernia_ and _Great Western_, the tenor of which is to confirm the previous impression as to short crops.

19,800 American, 100 Egyptian, and 300 Surat have been taken on speculation; and 1,000 American, 300 Pernam, and 200 Surat for export.

The following is the Statistical Review of our Cotton Market:--

Taken for Consumption: for Export:

from 1st Jan. to 15th Sept.

1842. 1843. 1842. 1843.
794,500 bales. 946,500 bls. 66,500 bls. 65,900 bls.

whole Import:
1842. 1843.
1,024,141 bls. 1,401,278 bls.

Computed Stock. Average weekly consumption.
15th Sept. 1st Jan. to 15th Sept.
1842. 1843. 1842. 1843.
593,000 bls. 834,000 bls. 21,556 bls. 25,689 bls.

For SUGAR there is rather more inquiry, at steady prices.--COFFEE; the sales of plantation trivial without change of price.--INDIGO, price firm at the advance of 3d. to 4d., established at public sale yesterday.--TEA; the market remains rather firm, and a moderate business has been done at previous rates. In other articles of produce a fair amount of business has been done, without any particular features to remark.

GRAIN.--There has been rather more demand for old WHEAT, and prices for this and all other articles in the trade are supported. Duty has been paid on nearly the whole of the bonded stock, and the rate is now on the advance.

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The papers of this morning do not contain any intelligence of the slightest novelty or interest. Her Majesty and Prince Albert are enjoying themselves at Ostend in the society of their august relatives, the King and Queen of the Belgians. To-day (Saturday) the Royal party go to Bruges; on Monday to Brussels; on Tuesday to Antwerp; and on Wednesday return to England.

Barcelona is still in a state of insurrection; and though Madrid is tranquil, the state of Spain, as the _Times_ remarks, is one of "simple confusion."

The Malta correspondent of the _Morning Chronicle_ says that a report had been current at Bombay that it was the intention to order the next steamer for the overland mail to keep her direct course, in spite of the monsoon. The monsoon had, no doubt, driven her back.

Wales continues in a distracted state, and acts of incendiarism are common. The extraordinary verdict given by the inquest jury on the body of the unfortunate old woman who was shot, is the subject of general remark, as strikingly evincing the terrorism which prevails. There is even talk of the necessity of putting the country under martial law!

The very remarkable meeting held by Messrs Cobden and Bright, at Oxford, on Wednesday last, is the theme of general conversation in society. It is, indeed, a very striking evidence of the progress of free-trade principles amongst the agriculturists.

The _Leeds Mercury_ of this morning, and other provincial organs of public opinion, in the great seats of our commerce and manufactures, all speak in cheerful terms of the decidly-improving prospects of trade.

THE LATEST FROM THE AMERICAN PRESS ON FREE TRADE--AUG. 24TH.

THE CORN-LAW CONTROVERSY.--A friend has placed in our hands numbers of the tracts which the corn-law reformers of England circulate among the people. They are about the size and length of the religious tracts of this country, and are put up in an envelope, which is stamped with neat and appropriate devices. These little publications comprise essays on all the topics involved in the corn-law controversy, sometimes in the form of dialogues, sometimes of tales, and sometimes of extracts from famous books and speeches. The arguments are arranged so as to be easily comprehended by the meanest capacities.

The friend to whom we are indebted for these is well informed on the subject, and says that a more advanced state of opinion prevails among the people of England, in relation to the operation of tariffs, than in this nation generally so much more enlightened. It is a singular spectacle which is thus presented to the eyes of the civilized world. While the tendency of opinion, under an aristocratic monarchy, is towards the loosening of the restraints under which the labour of the people has long suffered, a large and powerful party in a nation, whose theory of government is nearly a century in advance of the world, is clamouring for their continuance and confirmation. Monarchical England is struggling to break the chains that an unwise legislation has forged for the limbs of its trade; but democratic America is urged to put on the fetters which older but less liberal nations are throwing off. The nations of Europe are seeking to extend their commercial relations, to expand the sphere of their mutual intercourse, to rivet the market for the various products of their soil and skill, while the "model republic" of the new world is urged to stick to the silly and odious policy of a semi-barbarous age.

We look upon the attempt which is making in Great Britain to procure a revision of the tariff laws, as one of the most important political movements of the age. It is a reform that contemplates benefits, whose effects would not be confined to any single nation, or any period of time. Should it be successful, it would be the beginning of a grand and universal scheme of commercial emancipation. Let England--that nation so extensive in her relations, and so powerful in her influences--let England adopt a more liberal policy, and it would remove the only obstacles now in the way of a complete freedom of industry throughout the globe. It is the apparent unwillingness of nations to reciprocate the advantages of mutual trade, that has kept back this desirable reform so long. The standing argument of the friends of exclusiveness--their defence under all assaults, their shelter in every emergency--has been that one nation cannot pursue a free system until all others do, or, in other words, that restriction is to be met by restriction. It is a flimsy pretence, but such as it is, has answered the purposes of those who have used it, for many centuries.

The practice of confining trade by the invisible, but potent chains of law, has been a curse wherever it has prevailed. In England, more dependent than other nations on the extent of its commercial intercourse, it may be said to have operated as a scourge. The most terrible inflictions of natural evil, storms, famine, and pestilence, have not produced an equal amount of suffering. Indeed, it has combined the characteristics of the worst of those evils. It has devastated, like the storm, the busy hives of industry; it has exhausted, like famine, the life and vital principle of trade; and, like the pestilence, it has "walked in the darkness and wasted at noon-day." When we read of thousands of miserable wretches, in all the cities and towns of a great nation, huddled together like so many swine in a pen; in rags, squalor, and want; without work, bread, or hope; dragging out from day to day, by begging, or the petty artifices of theft, an existence which is worthless and a burden; and when, at the same time, we see a system of laws, that has carefully drawn a band of iron around every mode of human exertion; which with lynx-eyed and omniscient vigilance, has dragged every product of industry from its retreat to become the subject of a tax, can we fail in ascribing the effect to its cause, or suppress the utterance of our indignation at a policy so heartless and destructive?

Yet, this is the very policy that a certain class of politicians in this country would have us imitate. Misled by the selfish and paltry arguments of British statesmen, but unawed by the terrible experience of the British people, they would fasten upon us a system whose only recommendation, in its best form, is that it enriches a few, at the cost of the lives and happiness of many. They would assist a constrictor in wrapping his folds around us, until our industry shall be completely crushed.

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ST OLAVE'S CHURCH.--The rebuilding of this church in the early part of the last century cost the parishioners a less sum than the organ. The old church having fallen down, the new one (that recently destroyed by fire) was erected by raising an annuity of 700_l_., and the granter died after receiving the first half year's payment of 350_l_. The organ was the most ancient instrument in the metropolis.

FREE-TRADE MOVEMENTS.

MESSRS COBDEN AND BRIGHT AT OXFORD.--IMPORTANT MEETING OF FREEHOLDERS AND FARMERS OF THAT COUNTY.

As we stated last week, announcing the intention, Mr Cobden and Mr Bright visited Oxford on Wednesday, for the purpose of addressing the freeholders and farmers of the county on the subject of the corn laws.

Very considerable excitement had prevailed in the city and the surrounding districts in consequence of the proposed visit of Mr Cobden, but it does not appear that the landowners on the present occasion, through the medium of the farmers' clubs and agricultural associations, thought fit to get up an organised opposition, similar to that at Colchester, or interfere to prevent their tenants from attending, as at Reading. The consequence was a very large number of farmers were present at the meeting, although it is well known that the harvest is not in such a state of forwardness as to allow them to absent themselves from their ordinary occupations without considerable inconvenience.

It is a circumstance worthy of notice, and strongly indicative of the present state of public feeling upon the subject, that in a purely agricultural district, at a county meeting regularly convened by the High Sheriff, the whole of the county members being present, two of whom spoke in favour of protection, supported by many influential men of their own party, no person ventured to propose a resolution in favour of the present corn law, and that even the resolution for a low fixed duty made by two of the most popular men and largest landed proprietors in Oxfordshire, Lord Camoys and Mr Langston, was supported by only three or four individuals out of a meeting of nearly 3,000 persons.

Early in the morning, a protectionist champion presented himself, not in the guise either of a freeholder or farmer of the county, but in the person of a good-humoured, though somewhat eccentric printer, named Sparkhall, who had come from the celebrated _locale_ of John Gilpin--Cheapside, and who having armed himself with a large blue bag fitted with elaborate treatises upon the corn laws, and among other pamphlets a recent number of _Punch_, forthwith travelled to Oxford, and by the kind permission of the meeting was permitted to essay a speech, about what nobody could divine, and in a manner truly original. It is, however, due to the monopolists of Oxfordshire to state that they did not accredit their volunteer champion, and even went so far as to request that he would "bottle up" his eloquence for some future opportunity.

At two o'clock, the hour appointed for the proceedings to commence, the County hall, which is capable of containing 1,800 persons, was nearly filled.

Mr Cobden and Mr Bright, who had been dining at the farmers' ordinary, held at the Roebuck hotel, arrived shortly after two, and were accompanied to the place of meeting by a large number of influential farmers and leading agriculturists, who had met the honourable members at the market table. They at once proceeded to the gallery, where, among others at this time, were Lord Camoys, of Stonor hall, Oxon; the three members for the county, Lord Norreys, Mr Harcourt, and Mr Henley; Mr Langston, M.P. for the city of Oxford; Mr Thomas Robinson, banker; Mr Charles Cottrell Dormer, Mr J.S. Browning, Mr W. Dry, Mr W. Parker, Captain Matcham, Rev. Dr Godwin, Rev. W. Slatter, Mr Richard Goddard, Mr H. Venables, Messrs Grubb, Sadler, Towle, Weaving, Harvey, &c.

On the motion of Lord Cambys, seconded by Mr Langston, M.P., Mr Samuel Cooper, of Henley-on-Thames, under-sheriff for the county, was, in the absence of the high sheriff, called to the chair.

The Chairman said he regretted very much that the high sheriff was prevented from attending the meeting, which had been convened in consequence of a requisition presented to the sheriff by several freeholders of the county. Having read the requisition, he introduced

Mr Cobden, who proceeded for some time to address the meeting on the fallacy of the present corn law as a protection to the farmer, amid frequent cries for adjournment, in consequence of the crowded state of the hall, and

Mr Sadler having intimated that several hundred persons were waiting at the Castle green, at which place it had been generally expected the meeting would ultimately be held, moved its adjournment to that spot, which was immediately agreed to.

Several waggons had been brought to the green, for the purpose of forming a temporary platform, and the meeting being again formed,

Mr Cobden resumed, and, in his usual powerful manner, explained the influence of the corn law upon the tenant, farmer, and farm-labourer, urging the necessity of free trade as the only remedy for agricultural as well as manufacturing distress. The honourable member was loudly cheered during the delivery of his address, which evidently made a deep impression on the large proportion of his auditory.

Mr Sparkhall then came forward. Mr Cobden having kindly interceded to obtain him a hearing, and having duly arranged his books and papers, he at once commanded the serious attention of the meeting, by stating broadly as the proposition he was about to prove--that the repeal of the corn laws would plunge the nation into such a state of depression as must ultimately terminate in a national bankruptcy. After quoting from the Honourable and Reverend Baptist Noel, Mr Gregg, and other passages, the relevancy of which to his proposition no one could discover, he bewildered himself in a calculation, and gladly availed himself of a slight interruption to make his bow and retire.

Lord Camoys next addressed the meeting. He said Mr Cobden came among them either as a friend or an enemy. If he came as a friend, it was the duty of all to receive him as such; but if as an enemy, then it behoved the farmers of Oxfordshire to meet him boldly, and expose the fallacy of his arguments. For himself he (Lord Camoys) believed Mr Cobden came as a friend. He was not one of those who were afraid of the Anti-Corn-law League; but he was afraid of that class who designated themselves the farmers' friends. He thought if they were to give the Anti-Corn-law League 50,000_l_. a year for fifty years, it would never do half the mischief to agriculture that the farmers' friends themselves had done. (Hear, hear.) It was this impression that had induced him to sign the requisition that had been laid before him, for he was anxious that the farmers of Oxfordshire should have the benefit of any information that could be given to them on the subject. There were three courses open for discussion. The first was the sliding scale (cries of "no, no"); the second a low fixed duty; and the third, a total and immediate repeal of the corn law. (Hear, hear.) He believed the sliding scale was already on its last legs; indeed, it was only defended by a few country gentlemen and fortunate speculators, who had by a lucky chance contrived to realise large fortunes. He was himself for a low fixed duty, and Mr Cobden advocated free trade. There was not so much difference, after all, between them; but he considered that to apply the principles of free trade to England, would be to apply the principles of common sense to a deranged country, suffering under the pressure of an enormous debt. He thought the English farmer should be placed on a level with the continental corn-grower; but he did not think the mere expense of transit would have the effect of securing this as argued by Mr. Cobden. With this view he should propose to the meeting the following resolution:--"That the agricultural interest being the paramount interest in this country, to depress that interest would be injurious to the entire community; that suddenly to adopt free trade in corn must produce that effect, and that, therefore, it is the opinion of this meeting that a moderate fixed duty upon the importation of foreign grain is the one best adapted to the present position of the agricultural interest and the welfare of the country."

This resolution was seconded by Mr Langston, M.P., but this gentleman gave way for

Mr Bright, who, upon presenting himself, was received with load cheering. In an eloquent address he clearly demonstrated that the only way in which the corn laws could benefit the farmer was by making food dearer, which could only be done by making it more scarce. That the advantage of such high prices invariably went to the landlord in the shape of rent, in consequence of the immense competition for farms, arising from the increase in the agricultural population, and the difficulty of providing for them in commerce and manufactures, owing to the depressed condition to which they had been reduced by the operation of the corn laws. High prices could only be obtained by the farmer from the prosperity of his customers. In reply to the resolution of Lord Camoys, the honourable gentleman stated, that with regard to agriculture being the paramount interest of the country, there could be no doubt in every country there must be land for the people to live on, and so far it was the paramount interest; but he denied that anything like half the population of England were engaged in agricultural pursuits. The agricultural interest would not be depressed, nor would the community be injured by free trade. He would put it to the meeting whether they would have a low duty or no duty at all. (Loud cries of "no duty.") A fixed duty of 6s. would raise the price that amount, and the whole would go into the pockets of the landlord. The honourable gentleman concluded his address amid loud cheers.

Lord Norreys next spoke in favour of the existing corn laws, attributing the distress under which all classes at present laboured to the over-production of the manufacturers.

Mr Langston, M.P., having replied to his lordship,

Mr Henley, M.P., addressed the meeting at some length, in favour of the present restrictive duties on the importation corn. The honourable member concluded by observing that he had attended the meeting because it had been convened by the high sheriff; and he thanked them for the patience with which they had listened to his observations, though neither he nor his colleagues considered it to be properly designated as a farmers' meeting, the majority present being composed of other classes.

Mr Cobden briefly replied; and

Mr Towle (a tenant farmer) moved the following amendment, "That in the opinion of this meeting the principles of free trade are in accordance with the laws of nature and conducive to the welfare of mankind, and that all laws which interfere with the free intercourse of nations, under the pretence of protection to the agricultural, colonial, or manufacturing interests, ought to be forthwith abolished."

The motion having been seconded, was put, and declared to be carried, with only three dissentients.

Mr Henley then proposed, and Mr Cobden seconded, a vote of thanks to the chairman, who briefly acknowledged the compliment, and three cheers having been given for free trade the meeting separated, having lasted nearly five hours.

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PUBLIC DINNER TO R. WALKER, ESQ., M.P., BURY.--On Wednesday week a public dinner was given, in the Free-Trade Pavilion, Paradise street, Bury, by the electors of Bury, to the above-named gentleman, for his constant advocacy of Liberal principles in the House of Commons. The meeting, though called to do honour to the worthy representative of Bury, was emphatically a gathering of the friends of free trade, Mr Bright, Dr Bowring, Mr Brotherton, &c., being present.

DR BOWRING'S VISIT TO HIS CONSTITUENTS.--Dr Bowring arrived in Bolton, on his annual visit, on Thursday week. In the course of the afternoon he called upon several of the leading reformers and free-traders of the borough; and in the evening, according to public announcement, he attended at the Temperance hall, Little Bolton, to address the inhabitants generally. The doors of the hall were opened at seven o'clock, and hundreds immediately flocked in. At half-past seven, the hall was crowded to excess in every part. On Dr Bowring's entrance, he was greeted with loud cheers. The chief portion of the proceedings consisted in the speech of the learned and honourable member, who, as might be expected, dwelt with great power on the question of questions--free trade. We have only room for the following eloquent passage: "The more I see of England, the prouder I am to recognise her superiority--not alone in arms--about that I care little, but in manufacturing arts, the peaceful arts, which really reflect glory on her people. (Cheers.) Give us fair play and no favour, and we need not fear the strength of the whole world. (Hear.) Let us start in an honest rivalry--let us get rid of the drawbacks and impediments which are in the way of our progress, and sure I am that the virtues, the energies, the industry, the adventurous spirit of the manufacturers and merchants of England, which have planted their language in every climate and in every region, would make them known as benefactors through the wide world. They are recognised by the black man as giving him many sources of enjoyment which he had not before; by the red man as having reached his fields and forests, and brought to him in his daily life enjoyments of which his ancestors had no notion; by all tribes and tongues throughout the wide expanse of the earth, as the allies of improvement, and the promoters of happiness. Sure I am that England--emancipated England--the labourers--the artisans of England, may do more for the honour and reputation of our country than was ever done by all the Nelsons and Wellingtons of the day. (Loud cheers.) I was struck very much, the other day, by the remark of one of the wisest and best men of our times, from the other side of the Atlantic, who said, 'I am not dazzled by the great names which I see recorded in high places; I am not attracted by the statues which are raised to the men whom you call illustrious, but what _does_ strike me, what _does_ delight me, what _does_ fascinate me, is to trace the working man of England to his home; to see him there labouring at his loom unnoticed and unknown, toiling before the sun rises, nor ceasing to toil when the sun has descended beneath the mountain. It is _that_ man, the missionary of peace, who forms the true link of alliance between nation and nation, making all men of one kindred and of one blood,--that man upon whose brow the sweat is falling,--that man whose hands are hardened by labour,--that is the man of whom England has a right to be proud--(hear)--that is the man whom the world ought to recognise as its benefactor.' (Cheers.) And, gentlemen, in such sentiments I cordially agree, and the time will come when the names of men who are called illustrious, at whose feet we have been rolling out torrents of wealth, whom we have been crowning with dazzling honours--those men will pass away into the realms of forgetfulness, while the poor and industrious labourer, who has been through the world a herald and apostle of good, will be respected and honoured, and upon him future times will look as the real patriot, the real philanthropist, the real honour of his country and of his countrymen." The proceedings were closed by the unanimous thanks of the meeting being given to Dr Bowring.

FREE TRADE.--We are glad to learn, from a correspondence in the _Liverpool Albion_, that W. Brown, Esq., the head of the eminent house of Brown, Shipley, and Co., of Liverpool, has declared his adherence to the cause of perfect freedom of trade, contributing, at the same time, 50_l._ to the funds of the Liverpool Anti-Monopoly Association.

CORN TRADE OF FRANCE.--The _Moniteur_ publishes the return of the corn trade in France during the month of July, from which it appears that the imports were--wheat, 45,896 metrical quintels; other grain, 23,389; and flour, 613. The exports--wheat, 14,318; other grain, 11,506; and flour, 2,435. The quantities lying in the government bonding stores on the first of August were--wheat, 28,405 metrical quintals; other grain, 9,378; and flour, 11,051.

ANTI-CORN-LAW MEETING AT HAMPSTEAD.--The opponents of the corn laws resident at Hampstead assembled on Tuesday night, in crowded meeting, at the Temperance hall of that locality, to hear Mr Sidney Smith deliver an address on the evils of the corn laws. The meeting was the first of the kind since the formation of the new association, and there were several of the respectable inhabitants of the neighbourhood present. Mr Smith entered at length into the whole question of the monopolies from which the people of this country suffer. He showed, conclusively, and by a reference to facts and comparisons with other countries, that "protective" duties were injurious to the best interests of the community, as they were productive of abridgment of the people's comfort, and of taxation on everything that they could see or touch. He illustrated the advantages that would arise from free trade, by a reference to the great increase of consumption of the article of coffee since the reduction of the duty of half a crown on the pound weight to ninepence; the consumption at that period (1824) having been but eight millions of pounds weight, while at present, it was twenty-eight millions. The learned gentleman, who spoke for upwards of two hours, concluded amid loud cheers. Three cheers which were proposed for the Charter proved a decided failure; while, on the other hand, three were proposed for a repeal of the corn laws, which were responded to by nearly the whole of the crowded meeting.

MR EWART AND HIS CONSTITUENTS.--William Ewart, Esq., the indefatigable member for the Dumfries District of Burghs, is at present paying his respects to his constituents, after the recess of what has been to him a laborious session of parliament, however little may have been effected during its course by the government and the legislature. On Thursday evening he addressed a large meeting in this town. On Friday he visited Lochmaben, and on Saturday Sanquhar, and addressed the inhabitants of both these burghs.--_Dumfries Courier_.

MISCELLANIES OF TRADE.

STATE OF TRADE.--Owing to the continued absence of the Overland Mail, the demand for manufactured goods, and especially for shirtings, has been limited; but, as stocks are low, prices remain tolerably steady. For yarn the demand continues good, and prices very firm, but the spinners are so generally engaged, that no great amount of business has been done.--_Manchester Guardian_ of Wednesday.

COMMERCIAL INTERCOURSE BETWEEN ENGLAND AND THE UNITED STATES.--The circumstances of America are such as to require, for the furtherance of its own interests, a large and extended commercial relationship with England. There is nothing wanting but a movement on our part for the speedy establishment of an unbounded trade. Both countries are so situated that they need never become rivals, provided they consent to co-operate with each other. It is because they have not been permitted hitherto so to do that we now hear of an embryo manufacturing system in America. We have already built Lowell in New England, and Pittsburg in Western Pennsylvania; and will yet, unless we change our system, drive the enterprising republican to efforts which may be more generally and more permanently successful.--_Morning Chronicle_.

TRAVELLING BETWEEN ENGLAND AND FRANCE.--The number of persons who passed from England to France, by Boulogne, in the week from 1st to 7th September inclusive, was 2,409, and by Calais, 838. It appears that the opening of the Southern and Eastern Railway as far as Folkestone has increased the number of travellers between England and France by nearly one-half. The number in August, 1842, was 7,436, while during the past month it has been no less than 10,579, showing an increase of 3,143.

STEAM V. WATER.--Owing to the Birmingham and Gloucester Railway Company having reduced their charge for all kinds of goods to 6s. per ton between Gloucester and Cheltenham; most of the carriers in this city will be compelled to avail themselves of this mode of conveyance, it being impossible for them to compete with the Railway Company. The consequence will be that some thirty or forty boats will speedily be "laid up in ordinary," to the sorrow of three or four times the number of boatmen, who will of course be thrown out of employ.--_Worcester Chronicle_.

THE NEW TARIFF.--"The imports of foreign beasts since Monday last (one week) have been confined to twenty-five into London by the _Batavier_ steamer from Rotterdam." (London Markets Report, September 11.) Can any clever master of fractions calculate the effect of this importation on the Smithfield market, and the benefit thence accruing to the citizens of London as a set-off to the payment of their income-tax?

IMPROVEMENT OF TRADE--ROCHDALE.--The piece market has been uncommonly brisk to-day, and all the goods on hand have been cleared off. At present all the workmen are in full employment, though at very low wages; but a few markets of this kind will have a tendency to get up wages. The ready sale of goods has given a buoyancy to the wool market, and the dealers in the raw material have not been so eager to sell at former prices.

STATE OF TRADE--PAISLEY.--So far as ample employment to all engaged in the staple manufactures of the town is concerned, trade still continues favourable for the workman, but the manufacturers generally complain that, for the season, sales are late of commencing, and many of them are already rather slackening their operations to keep their stocks down. The unexpected procrastination in the commencement of the fall trade is reasonably accounted for by the fineness of the weather.

"A Merchant of twenty-five years' standing, and an Old Subscriber," calls attention to the unusual state of things now so long existing in the Money Market, by the fall in the rate of interest to 1-3/4 and 2 per cent. upon the first class commercial bills. He states that a friend of his has lately lent 100,000_l._ at 1-1/2 to 2 per cent., being the highest rate he could obtain. This condition of the Money Market he attributes to the large amount of paper money in circulation, compared with the demands of commerce. Our correspondent favours us with some figures, illustrative of his views, from November, 1841, to the present month, taken from the _Gazette_ returns, and observing that there has been a serious fall in the value of merchandise equal to one-fifth or one-sixth, with some exceptions during the last year and a half, he accounts by the juxtaposition of his figures, denoting the amount of paper in circulation, and this assumed fall in the price of merchandise for the present anomalous condition of the Money Market, and for the apparent worthlessness of capital. We cannot agree, however, with our correspondent to the full extent, because the very low prices of commodities, with a _minimum_ rate of interest for money, proves that there is no fictitious or inflated excess of paper money. The anomalous state of the Money Market proceeds, we believe, from a redundancy, not of mere paper, but of capital which cannot find investment, superinduced by stagnation of trade, and the want of commercial enterprise, occasioned by the restrictive nature of our duties on imports.--_Morning Chronicle._

The accounts from the United States mention that the greatest activity prevails among the manufacturers in their purchases of the raw material for the year's consumption.

POLICE.

EXTRAORDINARY CHARGE.--_Captain, William Tune_, the Commander of a steam packet called the _City of Boulogne_, the property of the New Commercial Steam-Packet Company, on Monday appeared at the Mansion House to answer the complaint of the directors of that company, by whom he was charged with being privy to the abstraction of four packages, each containing gold, checks on bankers, bank-notes, and bills of exchange, which had been previously booked at the company's office in Boulogne, and paid for according to the rates agreed upon by the company, and which, with others, had been entrusted to his care. After evidence had been adduced, Mr Wire requested that Captain Tune should be remanded for a week, and stated that the directors being anxious that he should receive as much accommodation as might be consistent with the respectability of his character and the nature of the difficulty in which he was at present involved, were desirous that bail should be taken for his appearance on the next day of investigation.--Alderman Gibbs: I shall require two respectable securities for 500_l._ each, and Captain Tune to be bound himself in the sum of 1,000_l._--The captain was then remanded for a week. A curious fact came out on the inquiry as to the value of each package. They were all, it appeared, entered and paid for as containing a sum of money much inferior to what each package really contained.

MATRIMONIAL ADVERTISEMENTS.--An unlucky man, who, in order to get a family by a deceased wife taken care of, had been induced to marry a worthless drunken woman, through the medium of a matrimonial advertisement, applied at Union Hall for advice, but, of course, nothing could be done for him.

AWKWARD PREDICAMENT.--A man advanced in years, named _David Simms_, who was claimed by two wives, and nearly torn in pieces by them, was committed from Union Hall, on a charge of bigamy.

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SINGULAR DETECTION OF AN EXTENSIVE SWINDLER.--A man named _William Cairnes_, alias _Thomas Sissons_, with a host of other _aliases_, was placed before the magistrates at the Borough Court, Manchester, charged with one of the most singular attempts at fraud we ever remember to have heard. The prisoner, who was a respectable-looking old man, gave his name _William Carnes_. Under the pretence of giving employment to a labouring man, on getting specimens of his handwriting, he got him to write his name across two blank bills, in the form of acceptance. He has been remanded for further inquiry.

EMBEZZLEMENT.--_Theodore Grumbrecht_, a confidential clerk in the extensive India house of Messrs Huth and Co., was arrested on board the _Bucephalus_, bound for New Zealand, whither he was going. The charge against him is extensive embezzlement.

ACCIDENTS, OCCURRENCES, AND OFFENCES.

SINGULAR ACCIDENT.--An accident occurred at Outwell on the 29th ult. A child, three years old, went to play in a donkey cart, in which a rope coiled and knotted had been placed to dry. The rope was doubled the greater part of the way; and, being knotted, was full of steps or meshes; in one of these the child got his head and unfortunately falling at the same time from the cart, which was propped up as if the donkey were between the shafts, the rope caught on the hook in front of the cart, and held the child suspended a short distance from the ground. He was found quite dead. An inquest was held on the body of the child, and the jury returned a verdict of accidental death.--_Bury Post._

AFFRAY WITH SOLDIERS.--On Tuesday the greatest excitement prevailed throughout Westminster in consequence of repeated outbreaks between the military and the lower, or perhaps we might with propriety say the lowest order of inhabitants of this populous district. The tumult having continued during the whole of the day it was anticipated, and justly, that when night came on, it would increase rather than diminish, although during the whole of the afternoon various parties of the military were seen searching for and escorting to the barracks, the delinquent and disorderly soldiers engaged in the affray.

FIRES IN THE METROPOLIS.--On Saturday night the greater portion of the extensive premises of Messrs Cleaseley, floor-cloth manufacturers, Grove street, Walworth common, were destroyed by fire.--On Monday morning the shop of Mr Crawcour, a tobacconist, Surrey place, Old Kent road, was burnt to the ground.--On Tuesday morning, about a quarter to four o'clock, a city police constable discovered fire in the lower part of the extensive premises, nearly rebuilt, of the Religious Tract Society, Paternoster row, through some unslacked lime having been left by the workmen among some timber the previous night. To the vigilance of the officer may justly be attributed the saving of much valuable property from destruction.

FIRE AT BRISTOL.--The old Castle Tavern, Bristol, was burned on Thursday, the 7th inst., and the landlord, who was an invalid, perished in the flames. The fire was caused by the carelessness of a niece, in attendance on the invalid, who set fire to the bed furniture accidentally with a candle. The little girl Lydia Groves, who so courageously attempted to extinguish the bed curtains, has sunk under the shock she then experienced.

SPORTING INTELLIGENCE.

DONCASTER MEETING.--This much-talked-of meeting commenced on Monday, Sept. 11, at two o'clock precisely. The regulations, in every minor detail, answered the purposes for which they were respectively intended; particularly the one affecting those persons who have proved themselves "defaulters," as such were refused admission to the stands, the ring, the betting-rooms, and every other place under the jurisdiction of of the stewards. Many improvements and alterations have been made, and no expense spared towards securing the comfort of all. The different stands have undergone a complete renovation, and present a very striking and handsome appearance, very unlike their neglected condition in former years. On Sunday evening a tremendous storm came on, accompanied with hail and extraordinarily vivid lightning; in fact, it was truly awful to witness--the rain literally pouring down in torrents, and the flashes of lightning following each other in rapid succession. Happily the storm was not of very long continuance, commencing about half-past six, and terminating about seven o'clock; but, during that short period, it was sufficient nearly to drown the "unfortunates," who were travelling outside per coach from Sheffield, York, Leeds, &c., and who, on alighting, presented a most wretched appearance. The morning of Monday was dark and lowering, but towards eleven or twelve o'clock the weather cleared up and remained very fine. The course, notwithstanding the rain, was in the very best possible order, the attendance large, beyond any former example on the first day, punctuality as to the time of starting was very strictly observed, and the sport was first rate. The great event of these races is the St Leger stakes, which on this occasion were run for in three minutes and twenty seconds. Mr Bowes's "Cotherstone," the winner of the Derby, was the favourite, and was confidently expected to gain the St Leger. But it only came in second, being beaten by Mr Wrather's Nutwith, and only gained by a neck on Lord Chesterfield's Prizefighter, which was third.

WOOLWICH GARRISON RACES.--The officers of the garrison at Woolwich having resolved on testing the value and quality of their horses by races, the first day's sport came off on Wednesday; and owing to the great number of spectators, of whom there were upwards of 10,000, on the ground, and the fineness of the weather, the scene was more animated than on any former occasion. A spacious booth was erected on the ground and was well filled throughout the day. Upwards of 100 carriages, containing families, were drawn up along both sides of the course, and hundreds of gentlemen on horseback occupied various parts of the Common where the races took place; presenting altogether an enlivening and interesting spectacle. The band of the Royal Artillery attended in front of the booth, and played, with very little intermission, some of the finest airs from one o'clock to seven o'clock, p.m.

On Thursday, the second day, a slight shower of rain, about one o'clock, p.m. prevented the races from being so well attended by spectators as they were yesterdy, yet the attendance was numerous in the afternoon, and great interest existed amongst the officers of the garrison, and many sporting gentlemen, to witness the result.

AGRICULTURAL VARIETIES.

THE BEST HOME MARKET.--The _Norwich Mercury_ of last Saturday contains no less than seventy advertisements relating to the sale of farming stock; and a majority of these are cases in which the tenant of the farm on which a sale is announced is described as one "quitting the occupation," or "retiring from business." We should like to know how many of those parties have managed to amass a fortune, or even to acquire a moderate competency, under that protective system which, as they have always been taught to believe, was devised for their especial benefit. From the ominous newspaper paragraphs, announcing the liberality of landlords to their tenants, which have lately become so numerous, we rather suspect that most of those farmers who are retiring from business do so to avoid greater evils. It is worthy of remark, however, that, amidst all this agricultural depression, which has now lasted some twelve months at least, the "home trade"--which the advocates of the corn law always describe as entirely dependent on the farmers obtaining high prices for their grain--is in a healthier state than it has been for several years past. The _Standard_ lately stated, on the authority of a Mr Spackman, that the United Kingdom contained 20,500,000 individuals dependent on agriculture, and only 6,500,000 individuals dependent on manufactures; and, as we have frequently seen the same absurd statement brought forward at farmers' clubs as "agricultural statistics," it is possible enough that many persons may have been led to believe it. Those who do so, however, would find it rather difficult to explain, under such a division of the population, the fact, that during four or five years of high prices, which the Duke of Buckingham designated "agricultural prosperity," the 20,500,000 souls should have been unable to create a brisk demand for manufactures; while a single year of cheap provisions has done so much to improve trade, and relieve the pressure from the shoulders of the labouring classes. Who that looks at these two facts can have the slightest doubt in his mind as to what it is that makes the best home market?--_Manchester Guardian._

CURIOUS AGRICULTURAL EXPERIMENT.--The following novel and interesting experiment has lately been successfully made by Mr A. Palmer, of Cheam, Surrey:--In July, 1842, he put one grain of wheat in a common garden-pot. In August the same was divided into four plants, which in three weeks were again divided into twelve plants. In September these twelve plants were divided into thirty-two, which in November were divided into fifty plants, and then placed in open ground. In July, 1843, twelve of the plants failed, but the remaining thirty-eight were healthy. On the 19th August they were cut down, and counted 1,972 stems, with an average of fifty grains to a stem, giving an increase of 98,600. Now, if this be a practicable measure of planting wheat, it follows that most of the grain now used for seed may be saved, and will infinitely more than cover the extra expense of sowing, as the wheat plants can be raised by the labourer in his garden, his wife and children being employed in dividing and transplanting them. One of the stems was rather more than six feet long, and stout in proportion.

CULTIVATION OF WASTE LANDS.--EMPLOYMENT OF LABOURERS.--A paper was recently laid before the Council of the Royal Agricultural Society of England, by Lord Portman, which we think deserves a much greater degree of attention than we believe it has yet received, in that it shows to what a considerable extent waste lands may, without any very heavy expenditure of money, be brought into profitable cultivation, and at the same time, under a well-regulated system of spade husbandry, yield abundant employment to agricultural labourers and their families. The following is the substance of the document referred to:--His lordship, who has large estates in Dorsetshire, found that a tract of land, called Shepherd's Corner, about 200 acres in extent, was wholly unproductive, yielding a nominal rent of 2s. 6d. per acre. About fifteen years ago his lordship resolved to make an experiment with this land. He accordingly gave directions to his steward that it should be laid out in six divisions, representing so many small farms, in the cultivation of which such of the labourers as could not obtain full work from the neighbouring farmers were occasionally employed. For the three first years there were no returns, the ground having been merely broken up with the spade, and the surface soil exposed. In subsequent years this land was sown chiefly with turnips, fed off by sheep, until it was found in sufficient heart for the reception of grass and corn seeds, the crops from which were at first scanty and indifferent, but sufficient, however, to pay for cultivation. At the expiration of fifteen years the expenditure upon the whole, inclusive of allowance for rent, at the original rate of 2s. 6d. per acre, together with all charges on account of tithes and taxes, amounted to a little more than 10,000_l._; the returns by crops sold and sheep fed exceeding that sum by 88_l._, independent of the crops now in the ground, which will come to the landlord in September. This may appear to be an inadequate return for the fifteen years' experiment; but, as Lord Portman justly observes, "as a farmer he has lost nothing, whilst as landlord he is a considerable gainer, the land being now fully equal to any of the neighbouring farms." Two objects, both of great importance, have thus been obtained. These 200 acres have been fertilized, which would otherwise have been of no present or prospective value; and in the process of cultivation employment has, during that long period, been provided for several hundreds of labourers who, but for that resource, must, at some seasons at least, have become a burden to the parish.

OUR LIBRARY TABLE.

FREE TRADE, RECIPROCITY, AND COLONIZATION.

_The Budget; a Series of Letters, published at intervals, addressed
to Lord John Russell, Sir Robert Peel, Lord Stanley, and Lord
Eliot, on Import Duties, Commercial Reform, Colonization, and the
Condition of England._ By R. Torrens, Esq., F.R.S.

_The Edinburgh Review._ No. CLVII. Article, Free Trade and
Retaliation.

_The Westminster Review._ No. LXXVIII. Article, Colonel Torrens on
Free Trade.

Our readers are not, in general, unacquainted with the public character and literary reputation of Colonel Torrens. He is, we believe, a self-taught political economist; and, like Colonel Thompson, early achieved distinction in a branch of moral science not considered particularly akin to military pursuits. But in his recent labours, he has very seriously damaged his reputation, by attempting to bolster up a policy whose influence on the welfare of the nation has been of the most deadly and pernicious kind; and we therefore advert to the letters called the _Budget_, more with the view of showing that they have been analysed, and their mischievous principles thoroughly refuted, than with any intention of entering at large into the discussion.

It was, we believe, in the autumn of 1841, immediately following the accession of the present Government to office, that Colonel Torrens commenced the publication of his letters called the _Budget_. The two first were addressed to Lord John Russell, and professed to show that the commercial propositions of the late Whig Government would, if adopted, have altered the value of money, increased the pressure of taxation, and aggravated the distress of the people. The third letter was on commercial reform, addressed to Sir Robert Peel. The remainder of the series were on colonization and taxation, on the expediency of adopting differential duties, &c.; concluding with one on the condition of England, and on the means of removing the causes of distress; which was afterwards followed by a _Postscript_, in which the author, addressing Sir Robert Peel, said--

"I would beg to submit to your consideration what appears to me to
amount to a mathematical demonstration, that a reduction of the
duties upon foreign production, unaccompanied by a corresponding
mitigation of the duties imposed by foreign countries upon British
goods, would cause a further decline of prices, of profits, and of
wages, and would render it doubtful whether the taxes could be
collected, and faith with the public credit or maintained."

Opinions like these, coming from a man considered to be of some little authority in economical science, were certainly important. The time was serious--the crisis really alarming. A new Government had come into power, and it was thought and expected were about to effect great changes. Even the _Quarterly Review_, alarmed by the aspect of affairs, came round, in the winter of 1841, to advocate commercial reform. At this critical period Colonel Torrens stepped forward. What his motives were we do not know; though we know that men neither harsh nor uncharitable, and with some opportunities of judging, considered that Colonel Torrens, soured by political disappointments and personal feeling, had permitted himself to be biassed by hopes of patronage from the new Government. The pamphlets composing the _Budget_ only appeared at intervals: but so far as they were then published, did attract considerable attention; the mere supporters of pure monopoly did not, of course, understand them: but that body who may be appropriately enough termed _middle men_, were not unaware of the value of such support as that afforded by Colonel Torrens, in staring off changes which seemed inevitable. Sir Robert Peel, too, was then in the very midst of his lesson-taking; and as he deeply studied Mr Hume's Import Duties Report, before he brought out his new Tariff, we need not consider it to be very discreditable to him, that he read the pamphlets of Colonel Torrens before he tried his diplomatic commercial policy.

At all events, one of the chief arguments with which Sir Robert Peel and Mr Gladstone justified the great omissions of the new Tariff, was the fact that the Government was engaged in negotiations with other countries in order to obtain treaties of reciprocity. The utter failure of these efforts Sir Robert Peel has repeatedly confessed, accompanied with a sigh over the inutility of the attempt; and the last time that he adverted, in the House of Commons, to the authority of Colonel Torrens (he was citing the _Postscript_ to the _Letter_ addressed to himself) it was with the kind of manner which indicated want of confidence in the guide who had misled him. Whether or no, however, he had relied on that authority in his negotiations with other countries during his futile attempts to obtain commercial treaties, this much is certain enough, that Colonel Torrens did what he could to strengthen the old notion, that it was of no use for us to enlarge our markets unless other countries did so also at the same time and in the same way; and in condemning all reduction of import duties that was not based on "reciprocity," he certainly added all the weight of his authority to prop up a system whose injurious influence has affected the very vitality of our social state, and whose overthrow will yet require no small amount of moral force to effect.

We are far indeed, from undervaluing treaties of reciprocity; but to make them a _sine qua non_ in the policy of a country whose condition is that of an overflowing population, a deficient supply of the first necessaries of life, and a contracted market for its artificial productions, is an error of the first magnitude. Therefore, though not attaching primary importance to the _Budget_ of Colonel Torrens, or believing that it could ultimately have any great effect in retarding the effectual settlement of the great question, it was not without some feeling of satisfaction that we perused the able article in the last _Edinburgh Review_, in which his delusions are completely set at rest. We quite agree with the writer (Mr Senior, it is said) that "if the _Budget_ were to remain unanswered, it would be proclaimed in all the strongholds of monopoly to which British literature penetrates--in Parliament, in Congress, in the _Algemeine Zeitung_, and in the councils of the Zollverein--that Adam Smith and the modern economists had been refuted by Colonel Torrens; that free trade is good only where reciprocity is perfect; that a nation can augment its wealth by restraining a trade that was previously free; can protect itself against such conduct on the part of its neighbours only by retaliation: and if it neglect this retaliatory policy, that it will be punished for its liberality by a progressive decrease of prices, of wages, and of profits, and an increase of taxation."